According to the latest report from the Cambodian Constructions Association (CCA), Sihanoukville has experienced a remarkable surge in high-rise buildings in recent years, with a total of 1,006 structures encompassing 902 projects.The coastal city has been a hub of construction activity, but the report also highlights that 614 projects are currently stalled, awaiting resolution by stakeholders. Among these, 359 buildings are suspended from construction activities, equivalent to 336 projects, while 255 completed buildings are unable to commence business operations, equivalent to 221 projects.Despite these challenges, there are still positive signs of progress, with 89 buildings currently under construction across 61 projects. Additionally, 303 completed buildings are operational across 284 projects.In addition, to address the issue of stagnant investment projects in Sihanoukville, the government has recently launched a comprehensive package of measures aimed at boosting investment confidence and stimulating market demand in the short, medium, and long term. These measures will be rolled out in stages, starting from April-May 2023, with a focus on identifying and resolving the issues faced by stuck investment projects.In a letter dated 23rd February 2023, the Ministry of Economy and Finance (letter No. 1438 MEFL) has expressed the government's unwavering commitment to resolving the challenges faced by these stalled projects and reviving the construction and business sectors in Sihanoukville. The measures include close coordination among relevant stakeholders, streamlining administrative processes, providing necessary support, and engaging with investors to find mutually beneficial solutions.

The construction work for the Norodom Business Tower, a 28-floor high-rise located on Preah Norodom Boulevard in the heart of Phnom Penh's hub has begun. Led by TPMG, a premier property builder in the Kingdom, and with esteemed partners such as Pan Pacific, MCC, Aedas, and others, this ambitious project is expected to be completed in just 30 months.  Norodom Business Tower will feature 10 floors of Grade A Serviced Offices with modern and natural designs, offering a prestigious and functional workspace for businesses in the city. Additionally, the building will house a 5-star hotel by Pan Pacific, spanning across 16 floors and providing luxurious accommodation, a restaurant, leisure facilities, a rooftop bar, and a pool with stunning city and riverside views.TPMG Group Chairman, Khun Ty, emphasized that the Norodom Business Tower project represents a significant milestone in the company's history. It is expected to bring new opportunities and potential partnerships, while also contributing to the development of the group's real estate portfolio in line with the long-term national interest, under the leadership and vision of Samdech Techo Hun Sen, Prime Minister of Cambodia.With its strategic location and world-class facilities, Norodom Business Tower is set to become a landmark in Phnom Penh's skyline, contributing to the city's economic growth and positioning itself as a premier destination for businesses and travellers alike.

After several years of construction, the Dara Sakor International Airport, located in Koh Kong Province, Cambodia, is nearing completion. As of March 31, 2023, the project has achieved a progress rate of 90.5%. His Excellency Sin Chanserivutha, Undersecretary of State and Spokesperson for Civil Aviation, confirmed the project's status and announced that the airport is expected to be officially inaugurated by mid-2023, barring any unforeseen delays.The construction of Dara Sakor Airport, undertaken by the Union Development Group, began in 2017 on a sprawling 218-hectare site. The airport is strategically positioned to serve as a vital transportation hub in the region, with the potential to boost economic growth and tourism in Koh Kong Province and neighbouring areas.Once completed, Dara Sakor Airport will feature modern facilities and infrastructure designed to handle both domestic and international flights, opening up new opportunities for trade, investment, and tourism in the region. Read More Cambodia News Here!

Construction for Cambodia's Second Expressway, the Phnom Penh-Bavet Expressway, is set to commence on June 7th of this year.The Phnom Penh-Bavet Expressway is expected to be 138 kilometres in length and is projected to be completed by the end of 2026 or early 2027. The estimated cost for the construction of this highway is approximately $1.638 billion. Preliminary studies reveal that the starting point of the Phnom Penh-Bavet Expressway will be the 3rd ring road of Phnom Penh City, and it will pass through Kampong Speu Province, Kampong Chhnang Province, and Kampong Thom Province, ultimately reaching Bavet City near the Cambodia-Vietnam border.The Phnom Penh-Bavet Expressway is anticipated to boost trade and commerce, improve transportation efficiency, and enhance connectivity between various regions of Cambodia.Cambodia's first expressway, the Phnom Penh-Sihanoukville Expressway, was opened to traffic on October 1st, 2022.According to a representative of the expressway operator CRBC, 2.53 million vehicles have been travelling on the Phnom Penh-Sihanoukville Expressway for 200 days since it opened to the public in October last year.  Read more news here! Article by:

The Siem Reap Angkor International Airport and Yunnan Air Investment Cambodia Airport Management committee held a meeting yesterday to confirm the eagerly anticipated flight trials at the airport, set to commence in mid-May, with the official launch scheduled for October.The Siem Reap Angkor International Airport construction project is being undertaken by Angkor International Airport Investment (Cambodia) Co., Ltd (AIAI) with a massive investment of over $880 million. Once completed, the airport will be classified as a 4E class facility, capable of handling long-haul aircraft, further enhancing its capabilities and connectivity.Currently, Cambodia has three international airports, located in Phnom Penh, Siem Reap Province, and Preah Sihanouk Province, with the Siem Reap Angkor International Airport serving as a crucial gateway for travellers visiting the world-renowned Angkor Wat temple complex, a UNESCO World Heritage site and a major tourist attraction in Southeast Asia. The upcoming flight trials and official launch of the airport are eagerly awaited and expected to contribute significantly to the growth of Cambodia's tourism industry and boost economic development in the region.  Looking for the property? Click Here

With a little over a week to go until Cambodia hosts the biggest and most significant sport event in its history, nerves have been allayed by excitement as the government and SEA Games organisers (CAMSOC) have hardly misstepped over recent weeks in promoting a sporting spectacle that should place the Kingdom front and centre of the regional and potentially global stage.Excitement Builds For 32nd SEA Games - What are the Costs?The 32nd SEA Games run from May 5-17, 2023 (while the 12th ASEAN Para Games takes place from June 3-9) and the major sporting events have been linked to several key infrastructure and transportation projects in Cambodia, which are expected to have a significant impact on investment and tourism in the mid and long-term future.The total expense of hosting the Games is estimated to be around $200 million. We assume this excludes the cost of the new Morodok Techo Stadium which cost between $150-170 million based on various reports, and it is unclear if the complexes were “donated” as some reports suggest. The precise economic benefits for Cambodia are hard to gauge right now. The generosity in recent announcement from Cambodia SEA Games and ASEAN Para Games Organising Committees (CAMSOC-CAMAPGOC) would have grown the budget of the hosting the Games and resulted in lost potential revenue streams:Free tickets for fans to attend (These were originally planned to be $25-$50 each)Free accommodation and food for delegates (which usually would cost $50/day per person)Free broadcasting rights (the figure initially linked to the broadcast rights was $800,000 from Thailand alone)Prime Minister Hun Sen in April 2023 said: “We don’t want to earn money by selling tickets. The biggest goal is to showcase Cambodia to the world through this event.”The removal of accommodation (full board) fees for the 11 participating NOCs of the 32nd SEA Games (which would not have been budgeted for considering how late it was announced) is a big cost-saving on food, accommodation, and transportation for the visiting delegations. Cambodia is the first host nation to do so, and with Bangkok due to host the SEA Games in 2025, Malaysia in 2027, and Singapore in 2029 - will the Kingdom have set a precedent that others cant follow?The Khmer Times suggested that this could have generated nearly half a million dollars a day from the coaching staff and athletes (which equates to nearly $6 million in total for the duration of the SEA Games alone).Between 11,000-12,000 sports delegates registered for the SEA Games-ASEAN Para Games 2023 in Cambodia. Even with CAMSOC’s Secretary-General Vath Chamroeun saying that “no fees” only applied to the coaching staff and athletes who are directly involved in training and competing, the announcements albeit positively greeted, means we may only know the full extent of the total cost of the events in the months to come, but in the long-term it may be a small price to pay.The three biggest delegates for the SEA Games 2023 are:Thailand - 1,985 delegatesIndonesia - 1,802 delegatesCambodia - 1,158 delegatesTo prepare for the provision of health protection and emergency services during the upcoming SEA GAMES, the Ministry of Health has tasked in total, 833 doctors (457 in Phnom Penh), 114 ambulances (72 in Phnom Penh), 9 mobile clinics (6 in Phnom Penh), and 11 health tents (7 in Phnom Penh).Cambodia’s Minister of Tourism Thong Khon had suggested that 5,000 law enforcement officers and as many as 3,000 medical workers will be on duty during the sporting events.What Sports Are Taking Place and Where?The SEA Games 2023 gets underway on 5th May, and in total, there are 608 events across 37 sports on display over the two weeks. Cambodia has waited 64 years to host the SEA Games and ASEAN Para Games for the first time - and in 2023 the slogan is “Sports - Living in Peace”.Fans will be able to collect free tickets online (via the mobile app SEA Games 2023 and website Cambodia SEA Games 2023) or at the venues hosting the competition. These resources also outline the full schedules, venues and dates for all of the sporting events (our tip is to download the guides on the app which are all very informative).2023 Southeast Asian Games by the numbers:The Opening and Closing ceremonies will feature 1,000 artists, 2,000 athletes & soldiers.Volunteers who have signed up total 5,000 for the SEA Games and 2,000 for the ASEAN Para Games.The Morodok Techo Stadium in Phnom Penh will host the opening and closing ceremonies for the events as well as; Athletics, Swimming, Diving, Table Tennis, Badminton, Tennis, Basketball, Kickboxing, Kun Khmer.National Olympic Stadium (NOS) is host to 9 different sports; Men’s Football, Soft Tennis, Gymnastics, Volleyball, Weightlifting, Water Polo, Petanque, Sepak Takraw, Dance Sports.Four stadiums will be used for football -  women’s matches are at RSN and Army stadiums, and men’s football matches will be played at the Olympic and Prince stadiums - all four are based in Phnom Penh.The Olympic Stadium has undergone some upgrades such as laying grass to replace the artificial turf which was funded by FIFA several years ago. All stadiums also have seating installed (the centrally located NOS for example usually has concrete seating).Aside from the many events taking place around the capital, cities in Cambodia that will host events are:Siem Reap - Angkor Wat hosts the Marathon and Road Cycling races.Kulen Mountain - Will provide the backdrop for Mountain Biking.Preah Sihanouk - Will host the Sailing (May 1-8), Beach Volleyball (May 11-16) and Jet Ski events (May 13-16).Kep - Triathlon/ Aquathlon/ DuathlonKampot - Traditional Boat RaceEconomic Impact of the SEA Games 2023In total Cambodia hopes to attract between 250,000 – 500,000 foreign tourists for the SEA Games-ASEAN Para Games 2023 according to Thong Khon, Minister of Tourism and Permanent Vice President of the CAMSOC.With so many key infrastructure and transportation projects developed in preparation for the events and the growth of Phnom Penh in particular - these are expected to have a significant impact on investment and tourism.Worldbridge Sport Village was intended to include 12 buildings with 1747 rooms providing accommodation capable of holding up to 7,000 athletes, during the Games. They will be converted afterwards to housing - you can find out more here.On April 10, 2023 Chamroeun said the village will accommodate half that number (3,500 athletes) during the SEA Games, and that sports delegations and athletes will also be staying at four-star hotels and other places located near venues on Chroy Changvar.We previously looked at the housing and development spin-offs from the SEA Games and the areas which are most likely to benefit from visitors (all potential visitors).The weeks of international media coverage leading up to and during the Games, as well as the foreign visitors to Cambodia should all be favourable for the property market, businesses, and the economy in the long run.Recently reported financial and economic data is already painting Cambodia in a very positive light in 2023 despite the ongoing headwinds and global trepidation:Cambodia is ranked tied second with Vietnam for regional GDP growth according to the International Monetary Fund (IMF) which has projected 5.8 per cent growth in 2023.The Asian Development Bank (ADB) has said that Cambodia’s GDP growth is expected at 5.5 per cent in 2023 and 6.0% in 2024.Economists Intelligence Unit (EIU) forecasts that Cambodia’s real GDP growth will accelerate slightly to 5.3% in 2023.Yahoo Finance indicates that Cambodia is the 14th Fastest Developing Country in 2023 with an expected GDP growth of 5.8%.Chea Chanto, governor of the National Bank of Cambodia has set a 6 per cent target for 2023.The 2023 Southeast Asian Games is something we should get excited by and cherish, but aside from nation-building and celebrating sporting prowess, these events could showcase the Kingdom for an injection of foreign investment and a shot in the arm for the long-term economic development of the Kingdom of Cambodia.

Cambodia is set to see a boost in infrastructure development with the Bassac Sea Link Project, as the Ministry of Public Works and Transport announced that the feasibility study for the project has found no technical issues or environmental impacts. The project study is set to be submitted for Cabinet approval soon.The project aims to link the Bassac River in Kandal province to a seaport in Kep province, providing significant benefits to Cambodia's transport and logistics sectors.The Bassac River, a tributary of the Mekong River, originates in Phnom Penh and passes through Kandal province before crossing the border into Vietnam. With a total length of about 180 kilometres, the waterway connects the Tonle Bassac to the seaport of Kampot province.It is poised to bring about significant infrastructure development in Cambodia, improving transport and logistics capabilities, and fostering economic growth.Once approved, it is expected to contribute to the country's overall development goals and further enhance its connectivity with regional and international markets. Looking for the best property in Cambodia? Click here! Article by:

The Ministry of Economy and Finance announced measures to support the Construction and Real Estate of borey amidst global economic uncertainties.According to the announcement, despite Cambodia's social and economic recovery gradually taking shape in the form of a new normal, global financial and economic uncertainties remain high and continue to pose concerns for the country's economic growth. These uncertainties include slower-than-expected global economic recovery, escalating tensions in Russia and Ukraine, prolonged tightening of monetary policies in developing countries, ongoing disruptions in global supply chains, and intensifying global financial stress.In this regard, to maintain stability in the construction and real estate industry, which is considered a priority sector for supporting overall economic growth and ensuring sustainable employment for workers, as well as enhancing the affordability of housing for low to middle-income populations, the Cambodian Government has decided to introduce a series of additional measures:Developers of borey development projects currently operating and holding a real estate business license from the regulatory authority for real estate and mortgage loan business will continue to be exempted from phased taxation until the end of 2024. For developers who do not yet have a real estate business license, it is mandatory to register their projects with the regulatory authority for real estate and mortgage loan business and obtain the license, in accordance with the valid procedures, by the end of 2023 at the latest, in order to have the tax exemption extension until the end of 2024.The tax payment deadline for developers of borey housing projects with a value of less than $1 million will be extended from 12 months to 18 months, while for those with a value of $1 million or more, it will be extended from 24 months to 36 months.New developers or developers planning projects must pay taxes in accordance with the existing procedures and must keep proper accounting records.The implementation of capital gains tax will continue to be deferred only for the real estate until the end of 2024.The stamp duty for ownership or transfer of all types of housing within borey with a value lower than or equal to $70,000 will be exempted and extended until the end of 2024.Banks and financial institutions are encouraged and required, based on voluntary agreements and principles of the institution with borey developers, to restructure loans based on their actual capacities, in accordance with the regulations on "credit risk rating and provisioning for real estate" issued on December 1, 2018.Other penalties for borey developers will be waived, but developers are still required to fulfil their obligations in accordance with the regulations on the Prakas No. 089 MEF.PrK "Management of Real Estate Development Business".The implementation of the obligation for an independent audit of financial statements, as issued by the Ministry of Economy and Finance on July 10, 2020, will be deferred until the end of 2023. The Economic and Monetary Policy Committee (NRPC) will establish a working mechanism to regularly monitor and evaluate the situation in the construction and real estate industry and will propose more specific policy measures in addition to the measures already taken by the Cambodian Government.With these measures, the Cambodian Government aims to provide support to the real estate sector, promote economic growth, and ensure sustainable employment for workers while enhancing the affordability of housing for low-middle-income populations in Cambodia. Looking for the best properties ? Click Here Article by:

The Royal Government of Cambodia is planning to take proactive steps to address the issue of stalled investment projects in Sihanoukville and Introduce "package measures" to instil investment confidence and market demand in the short to medium term to resolve halted investment projects in the coastal city. A draft plan to tackle the issue, which is seen as a blight on the broader vision of the city, is outlined in Letter No. 356 of the Council of Ministers dated March 29, 2023, from the Office of the Council of Ministers. If approved, it will align with the Sihanoukville master plan roadmap but will take several years.The area was a major investment hub pre-pandemic,  and various construction projects such as hotels, commercial buildings, hospitals, schools, restaurants, and casinos transformed the city, but changes in the online gambling laws and the pandemic put a break on the city’s development which has also underseen positive wholesale changes in the infrastructure, roads and beachside developments.The development of this province is a big part of achieving the vision of turning Cambodia into a middle-income country by 2030 and a high-income country by 2050.Cambodia’s Industrial Development Policy 2015-2025 & Sihanoukville MasterplanAs part of Cambodia’s Industrial Development Policy 2015-2025, the roadmap to develop Sihanoukville into a ‘second Shenzhen city’ has been mentioned by media and government officials. The hope is for Sihanoukville to be a major advanced economic zone that serves the regional and global production chains through the usage of technology and smart equipment - and see it become a SMART city.Long Dimanche (Deputy Governor Preah Sihanoukville Province spoke earlier this year at the Great Real Estate Debate about the issues and said that the Sihanoukville population will increase to nearly one million people, up from the current 300,000 with the implementation of a new master plan. The second phase of the Sihanoukville master plan was prepared with the support of China’s Urban Planning Design Institute of Shenzhen (UPDIS), and as of March 2023 was under review, but it outlined the ambitions to transform Sihanoukville into a multi-purpose special economic zone.Sihanoukville is already a key economic hub for Cambodia and the Sihanoukville SEZ is already the largest in the Kingdom. What Is Being Suggested To Breathe New Life Into Stalled Projects in Sihanoukville?According to the aforementioned letter, the Cambodian Government will introduce a series of measures to build investor confidence and market demand through a step-by-step approach Sihanoukville.These measures mirror what the Deputy Governor revealed in February but the consultation and information sharing will be provided to the relevant stakeholders - a broad outline of the plans is as follows:Detailed survey of the market and projects & identifying investment areas (as many as 1,000 are believed to be incomplete) - April-June 2023.Identify buildings and correct ownership & the legalities behind each case - July-September 2023.Develop a program to promote and raise awareness on how to resolve stalled investment projects - second half of 2023 and ongoing.Study and prepare visa policy for long-term investors - August-October 2023.Incentivise investors/developers who are looking to enter the market - these could include tax breaks for example.Programs to promote and raise awareness about the importance of completing these investment projects will also be carried out, but critically, a feasibility of budget allocation and evaluation of the quality of construction will be undertaken to assess the resolution process.The Cambodian government has categorised the investments into four groups:  Group 1School projects, hospital projects, duty-free shopping projects, housing projects for retirees, affordable housing projects, and other projects with high economic potential as determined by the Royal Government.Group 2 Investment activities that fall under the Investment Law of the Kingdom of Cambodia, and other relevant laws and regulations.Group 3Business activities such as guesthouses and non-suburban housing construction under the Investment Law of the Kingdom of Cambodia.Group 4Fundraising activities of joint ventures and/or governance in compliance with the law and provisions in force.What Are the Incentives?There are specific conditions for each group to be eligible for the government's incentives for settlement and the main goals are to promote economic growth, create employment opportunities, and attract further investment in the region.The government ultimately intends to generate investor confidence and a favourable investment climate in Sihanoukville by tackling this issue and implementing the master plan for the city.Requirements for Incentives - Sihanoukville ProjectsGroups 1 & 2- Investment capital must have been generated between 2016-2020 - with a minimum investment capital of USD $1 million.- Sufficient resources in terms of construction and implementation of the investment project.- A master plan and investment plan must be provided.Group 3- Minimum investment must be $500,000 & sufficient resources for conducting the intended project.- Business plan must be provided.- This Group is marked for tax incentives.Group 4- Joint venture and/or governance fundraising activities must be legally registered.All four groups of projects must comply with the following conditions:Authorised to import construction materials, construction equipment and production equipment by customs duties, special taxes, & VAT at the expense of the state after obtaining a construction permit and assessment of actual needs.Must invest to complete construction and/or renovation within 2 years.Receive tax incentives after the building is completed and/or renovated.Possible Incentives - Sihanoukville Stalled ProjectsGroups 1 & 2- Stamp duty exemption for transfer of title or possession of real estate between 2023 and 2025.- Annual state property tax between 2020 and 2025 halted? - Government will facilitate issuance of construction permits.Group 3- Exemption from withholding tax on rental of real estate for 3-5 years.- Government will facilitate issuance of construction permits.Group 4- Tax relief term on income for 9 years.- Government will facilitate issuance of construction permits.The program will continue to analyse and evaluate the implementation of measures until 2026 to assess its impact.Citizenship and Long-Term Residence Options For InvestorsInterestingly, the draft outlined the possibility of relooking at long-term visa options for potential investors which is slated to take place between August-October 2023.The Cambodia My 2nd Home (CM2H) Program was introduced in 2022, and there already exist options to obtain Cambodian citizenship through investments. Although it is a translation of the document, it outlined that there is an intention to “study and develop long-term visa and permanent residence visa policies, including the possibility to grant citizenship to investors or co-investors and tourists who come to stay, invest, and/or do business on existing investment projects in Sihanoukville.Based on the Cambodia Real Estate Survey 2023, although Phnom Penh was the most popular area for all property buyers, Sihanoukville was seeing increased interest and still is in the top three locations for buyers in the Kingdom. There also are an increasing number of flights to Cambodia, while investment into grand projects such as the Bay of Lights in Ream City in Sihanoukville is hoping to add jobs, raise tourism numbers and investment into the region.

The government has approved the construction of a massive satellite city project in Kep, the coastal town of Kep Province. The investment project, developed by real estate tycoon Khun Sear's company, covers a total area of 1,467 hectares in Sangkat Kep, Kep City, and Pong Teuk Commune, as well as Ang Kol Commune in Damnak Chang Eur District.The satellite city project is set to transform the coastal area of Kep with a wide range of amenities and facilities, including commercial centers, hotels, condominiums, residential areas, shopping malls, restaurants, and service areas. It will also feature sacred sites, resorts, golf courses, bungalows, accommodation areas, vacation homes, sports centers, parks, and healthcare providers, among other relevant tourism service centers.The development of the satellite city has received a grant from the government, further fueling anticipation of a significant increase in land prices in Kep. The project is expected to attract local and international investors, as well as tourists, driving up demand for land in the area.As a result, current landowners in Kep may experience a surge in property values, making it a potentially lucrative investment opportunity.The satellite city project in Kep is also expected to have a positive impact on the local economy. It is projected to create job opportunities in the construction, hospitality, and tourism sectors, boosting employment prospects for local residents.The increased economic activity from the development is also likely to spur further growth in the surrounding areas, benefiting local businesses and communities.  Looking for the best property in Cambodia? Click here!Article by:

Cambodia is poised for a major economic transformation with the construction of the tallest bridge in the country. Located on National Road No.10 and connecting Battambang and Pursat Provinces with Koh Kong Province, this ambitious infrastructure project is nearly 64 per cent complete. Rising to an impressive height of 90 meters and spanning 530 meters in length with a width of 10 meters, this landmark bridge promises to bring a host of benefits to Cambodia's economy.One of the key advantages of the bridge is its role as a crucial transportation link. It is expected to enhance trade, investment, agriculture, industry, and tourism, particularly with neighbouring countries. The improved connectivity between provinces will facilitate the movement of goods and people, fostering economic growth in the region.With an estimated cost of $188.38 million, the project is financed by the Chinese Government, with additional contributions of $23 million from the Royal Government of Cambodia.  Once completed, this transformative infrastructure project is set to pave the way for increased economic opportunities in the country.The construction of the bridge commenced on March 9, 2020, and is on track to be completed by May 2025. Looking for the best property in Cambodia? Click here! Article by:

The long-awaited construction of a bridge across the Tonle Sap River in Phnom Penh is almost complete. This will be a significant development in the city, easing traffic congestion that has plagued the area for years.The bridge will be a crucial link between the eastern and western parts of the city and will also provide a direct connection between two major districts: Russey Keo, National Road 5, passing through the roundabout OCIC Boulevard to National Road 6 in Chroy Changvar. The bridge will contribute to improving the transportation of goods and services across the city.The bridge has a total length of 922 meters and a width of 20.5 meters. The speed limit on the bridge is 40 km/h. As the country prepares to celebrate Khmer New Year, the Phnom Penh Municipal Administration announced the temporary opening of the bridge across the Tonle Sap River yesterday, following orders from Prime Minister Hun Sen.The total cost of the project is about 35 million US dollars. The Overseas Cambodian Investment Corporation (OCIC) undertook the construction of the bridge. The construction company has a long history of involvement in infrastructure development projects in Cambodia.  Looking for the best property in Cambodia? Click here! Article by:

The Royal Government of Cambodia is taking proactive steps to address the issue of stalled investment projects in Sihanoukville, as per Letter No. 356 of the Council of Ministers dated March 29, 2023, from the Office of the Council of Ministers. Sihanoukville, the coastal city in Cambodia, has been a major investment hub in recent years, with various construction projects such as hotels, commercial buildings, hospitals, schools, restaurants, and casinos.However, some of these projects have experienced delays, suspensions, or lack of investment and business activities since 2016. To tackle this issue, the Cambodian Government has introduced a series of measures to build investor confidence and market demand in the short, medium, and long term. The government's approach to resolving the stalled investment projects in Sihanoukville involves several steps, including the identification of the stagnant investment projects. This will be followed by a thorough study and analysis of the status of each project. Consultation and information sharing will also be provided to the relevant stakeholders.Additionally, the government plans to develop programs to promote and raise awareness about the importance of completing these investment projects. Furthermore, the feasibility of budget allocation and evaluation of the quality of construction will also be assessed as part of the resolution process. To streamline the resolution efforts, the government has categorized the investment into four groups based on their nature and potential Group 1School projects, hospital projects, duty-free shopping projects, housing projects for retirees, affordable housing projects, and other projects with high economic potential as determined by the Royal Government.Group 2Investment activities that fall under the Investment Law of the Kingdom of Cambodia, and other relevant laws and regulations.Group 3Business activities such as guesthouses and non-suburban housing construction under the Investment Law of the Kingdom of Cambodia.Group 4Fundraising activities of joint ventures and/or governance in compliance with the law and provisions in force. Each group of projects must comply with specific conditions to be eligible for the government's incentives for settlement:For projects in Groups 1 and 2: the investment capital must have been built between 2016 and 2020 and not yet completed, with a minimum investment capital of 1 million US dollars.sufficient resources in terms of construction completion and implementation of the investment project.a master plan and investment plan must be demonstrated.For projects in Group 3: the minimum investment must be $500,000, and sufficient resources for conducting business. a business plan must be presented.For projects in Group 4: joint venture and/or governance fundraising activities must be properly registered according to the law and provisions in force. This initiative to resolve stalled investment projects in Sihanoukville is aimed at promoting economic growth, creating employment opportunities, and attracting further investment in the region.By addressing the issues faced by these projects and providing tax and customs incentives for their completion, the government aims to boost investor confidence and create a favorable investment climate in Sihanoukville.

Edition 8 of the Retail Insights report from The Mall Company (TMC) offers a round-up of Phnom Penh’s Retail Real Estate Supply as of the end-year 2022, which was a record-breaking year for Phnom Penh’s Retail Real Estate market, and a glimpse of what is in the pipeline.TMC is currently tracking 56 retail spaces/properties across Phnom Penh but their data shows occupancy dropped to 62% by the end of last year so there are still headwinds. We discuss the opportunities and challenges with TMC Managing Director, Simon Griffiths.Why Was 2022 A Bumper Year For Cambodian Retail Property?At the end of 2022, the total existing retail supply in Phnom Penh reached 716,253 sqm net leasable area (NLA) and the highest retail supply growth ever recorded in Cambodia - a 53% increase over the 12 months.As the Retail Insights report states: “On 31st December 2021 Phnom Penh’s total modern retail supply was 467,829 sqm with total modern retail supply reaching 716 253 sqm, therefore witnessing the highest retail supply growth ever recorded.”Simon Griffiths said there were three reasons for last year’s records: “Firstly, AEON Meanchey and Chip Mong 271 collectively supplied the market with 140,000 sqm NLA which was 57% of the total retail NLA supply that entered the market during 2022.  Secondly, the popularity of the ‘community mall’ class of retail asset for land owners looking to develop a new project and for borey developers looking to add value to their residential/borey has meant new community malls came online across Phnom Penh. These include Fun Mall and Euro Park.At a deeper level, development lifecycles for ‘shopping malls’ are 4-5 years. So in the case of AEON Meanchey and Chip Mong 271, development decisions were made as far back as 2017 when supply vs demand dynamics were more equally balanced. In 2022 we witnessed that  development pipeline comes online resulting in a bumper year for new retail supply.”Other key takeaways for 2022 from the TMC report indicated that:Shopping Malls contributed a supply of 359,223 sq.m (NLA) of modern retail space in Phnom Penh.Community Malls have been the retail class of choice for many developers and contribute 197,455 sqm (NLA) of modern retail space in Phnom Penh.Shopping Centres contribute 73,460 sqm of NLA.Retail Podiums contribute 76,915 sqm of NLA.Retail Arcades contribute 9,200 sqm of NLA.What is the Future of Retailtainment in Cambodia?We wrote previously about the trends in retailtainment in the Kingdom which has seen retailers and malls in particular try and diversify their attractions to appeal to a changing consumer market.What more will be offered in this area in the future to attract more customers, and what types of retailtainment would work for the Cambodian market?Griffiths said of the topic: “There is a general misunderstanding about ‘retailtainment’ which is that by adding ‘entertainment’ retail classes to a project this is ‘retailtainment’. Retailtainment is a much more holistic concept than that and requires understanding that consumers are looking for an ‘experience’ when engaging with retail and not just looking to spend time at standard brick-and-mortar stores flanking a central corridor. Consumers wish to be engaged, they wish to be entertained, they wish for their senses to be excited about what comes around the next corner.”He added: “When talking about retailtainment in this context, the common area plays a major role. There are international malls that have incorporated slides between floors, zip-lines, climbing walls, shows, exhibitions, street entertainers, mini-theme parks, inflatables, photo booths, selfie spots, decorations, games, raffles and the list continues. All of these can make a retail project retailtainment and it is not just adding ‘entertainment’ trade mix, it is the adoption of a ‘retailtainment’ culture ingrained within the project's design and executed by operational and marketing teams for the mall. It cannot be faked and should not become a gimmick.  It needs to be quality, well thought-out, planned and executed.”The TMC Managing Director feels that retail developers in Cambodia have not yet fully appreciated retailtainment as a concept, although adds that AEON “have begun pioneering retailtainment and AEON Meanchey is a demonstration of their adherence and belief in the ‘experience’ and ‘retailtainment’ and should they ever develop another shopping mall, it would be reasonable to expect retailtainment innovation within the mall design taken to the next level.”What Malls Are Being Developed In The KingdomWith occupancy rates dropping, there are concerns of saturation as a number of large malls are still being developed, especially in the capital of Phnom Penh. The TMC Retail Insights report suggests that 9 modern retail centres are expected by 2024, and 72 Retail Centres by 2026. The total modern retail supply in Phnom Penh will reach 1,022,824 sqm by 2026.“At its core, demand is underpinned by consumers.  How many of them are there within a catchment area, how much discretionary spend do they have, what are the age and social status demographics? While the Cambodian population is growing, as is discretionary spending, and the emerging middle-class, it is not growing fast enough to keep up with the growth of new retail supply, meaning there are not enough customers to be able to have profitable stores in all the malls, so effectively demand is not keeping up with supply” added Griffiths.He says that subprime spaces within malls which are typically on higher floors, in the corners of projects, or non-street-fronting units within community malls are suffering from the weaker demand. Opportunities In The Cambodian Retail SectorIn terms of the demand for luxury and high-end brands, Griffiths feels that the existing quantity of these in the Cambodian retail supply is only 2.7% of the total NLA supply but this is set to grow with the launch of The Peak Mall. “There is an opportunity here as the vast majority of the existing retail supply has a similar positioning in the mid-market, so the luxury sector is somewhat an untapped market. In terms of the luxury sectors’ target consumers, there is a low volume, but high discretionary spending - they are somewhat recessionary proof.  Luxury retailers and consumers have high expectations and demands so developing luxury retail supply is complex and must be coupled with a high degree of operational expertise and luxury market knowledge and understanding.”NLA growth is also anticipated in the Retail Arcade and Retail Podium retail space until 2026 - the key is understanding the target consumer, competition and brand market positioning. For international brands the comparatively low rents and the fact businesses can be 100% foreign-owned are appealing.High percentage growth in retail arcades (288%) by 2026 due to the fact the existing amount of retail arcade space is circa 10,000 sqm NLA. Naga 3 connecting to Naga 2 through an underground retail arcade will increase the new supply.Retail Podiums represent a significant amount of new supply at circa 225,000 sqm of retail NLA entering the market by 2026. Latent retail podium supply has been built but has not launched with circa 150,000 sqm NLA currently complete, vacant and not released to the market. Supply growth will grow significantly (220%) and the total supply of retail podium space will reach 228,000 sqm NLA.Growth of borey projects means developers are seeking to provide additional benefits to their buyers through community malls. Community malls have become a good choice for landowners eager to develop their own projects too.Modern retail is still relatively nascent in Cambodia - and many opportunities to enter the market and for brands to set their market positioning EG: European & international brands or products with a mid-to-low market positioning in Europe.What About Outside of Phnom Penh?Griffiths says that Siem Reap’s dependency on tourism has meant lower demand from retailers and the rebound means “It will take time to restore consumer demand and therefore retailer demand for new retail space. It is certainly one to watch closely with the new airport and as other major developments in the pipeline begin to come online in the coming years.”For the coastal city of Sihanoukville, he agrees that there is a wait-and-see approach. “There is a lot of interest but also a lot of uncertainty as to what the future of Sihanoukville will look like. Investing in a retail project right now would not be prudent, but watch this space, the potential is bubbling below the surface. We expect modern retail projects to be part of the mix in revitalising Sihanoukville.You can download and read the full Retail Insights 8 from The Mall Company report here. TMC hopes to release more on Cambodian retail occupancy data in Retail Insights in Q2, 2023.

Phnom Penh, Cambodia - April 9, 2023: The real estate industry's finest gathered at the Sofitel Phokeethra on the evening of Friday, April 7th to celebrate the achievements of outstanding individuals and companies in the industry.The prestigious event is organized annually by Realestate.com.kh in collaboration with The Ministry of Land Management, Urban Planning and Construction, The Real Estate Business and Pawnshop Regulator of Cambodia, and the Cambodian Valuers and Estate Agents Association.The event was graced by over 500 of the most prominent and successful real estate players in the country's industry. The nominees and award recipients were evaluated based on their industry leadership, innovation, business growth, impact, and overall excellence.Over 30 winners from the leading property developers and agencies in Cambodia were announced throughout the night, and they were awarded the iconic trophy, prestigious CREA seal, and gold plaques to confirm their company's success.The top development of the year winners included Forest Harmony, which won the top award of the evening, The Development of the Year. Le Condé BKK1 winner of multiple awards took home Condominium Development of the Year, whilst Borey Dragon Land 598 won the Best Landed Property Development of the Year, and Angkor Grace, another multiple award winner, won Hotel Development of the Year.The top developer of the year awards included a joint winner for the overall Developer of the Year from both Prince Real Estate Group and SIHA Property, while Forest Harmony was back in the thick of it, taking home the Best Landed Property Developer of the Year, as was Le Condé BKK1 for the Best Condominium Developer of the Year.Canopy Sands - Bay of Lights, Daline Property, Borey Sovannaphumi, Meanchey Residences, Borey Bosba and Morgan EnMaison were some of the other notable winners from the developer categories.The top Agency of the Year award was shared between CBRE and CPL Cambodia, while C-Herald, Vanguard, IQI, and Khmer Foundation Appraisal rounded out the agency awards for the evening.The event was opened with a spectacular video highlighting the industry's growth over the last few years, as well as paying homage to Van Molyvann, the grandfather of Khmer Architecture.In an interview after the awards, the CEO of Realestate.com.kh, Tom O'Sullivan, thanked the efforts of the judging panel and highlighted the success of the 2023 awards. "With more than 100 nominations this year and over 50 entries, this real estate awards event was the most successful of its kind ever to be held in Cambodia," O'Sullivan went on to thank "the massive support from all the sponsors including Hanuman Beer, I.A.A.C Advertising, B2B Cambodia, and Legend Cinema.Complete list of winnersDevelopment winners Development of the Year - Forest Harmony - KampotCondominium Development of the Year - LE CONDÉ BKK1Township Development of the Year - Bay of Lights Borey (Landed Property) Development of the Year - Borey Dragon Land 598 Affordable Condominium of the Year - One 70 CondoPremium Condominium of the Year - LE CONDÉ BKK1Waterfront Development of the Year - Morgan EnmaisonRetail Development of the Year - Prince International PlazaHotel Development of the Year - Angkor Grace Residence & Wellness ResortDesign of the Year - Angkor Grace Residence & Wellness ResortLifestyle Development of the Year - Angkor Grace Residence & Wellness ResortBest Borey (Landed Property) – Eastern Phnom Penh - Borey Laorthmey PenhchetBest Borey (Landed Property) – Western Phnom Penh - Borey UptownBest Borey (Landed Property) – Northern Phnom Penh - Borey Dragon Land 598Best Borey (Landed Property) – Southern Phnom Penh - SIHA Residence by SIHA PropertyRegional Development of the Year - Bay of LightsAffordable Housing Development of the Year -  Borey UptownBoutique Housing Development of the Year - Borey SovannaphumiSales & Marketing Strategy of the Year - Borey BosbaLuxury Development of the Year - Mean Chey ResidencesBest Residential & Commercial Shophouse of the Year -  Daline Property DevelopmentCommunity Development of the Year - WorldBridge Sport Village Innovative Real Estate Marketing Campaign of the Year -  Borey Lorn City LotusseaDeveloper winners Developer of the Year (2) - Prince Real Estate Group & SIHA PropertyCondominium Developer of the Year -  LE CONDÉ BKK1Borey (Landed) Property Developer of the Year - Forest Harmony - KampotCSR & Social Impact Developer of the Year - Canopy Sands DevelopmentAgency winners Hall of Fame / Personality of the Year - Edward Lee Prince Real Estate Real Estate Agency of the Year (Enterprise) - CPL (Cambodia Property Limited)Real Estate Agency of the Year (Corporate) - CBRE Cambodia Agency - Research / Valuation Firm of the Year - Khmer Foundation AppraisalProperty Management Firm of the Year  (2) - CBRE Cambodia & C-HeraldAgency - Employer of Choice (2) - Vanguard Investment and Consultancy Services & IQI CambodiaAgency of Choice (3) - C-Herald Property Service, IQI Cambodia & Khmer Foundation Appraisal

The Cambodian government approves a new draft taxation law to promote and enhance the business sector, strengthen fiscal compliance, and boost the economy in all areas. The Cambodian government has approved a new draft taxation law that is set to have a positive impact on the country's business sector. The law is designed to enhance the favourable investment environment, strengthen fiscal compliance, and ensure fair competition, ultimately boosting the Cambodian economy in all areas, with a particular focus on supporting SMEs. While not yet complete, the new tax law aims to fill gaps, facilitate, and ensure consistency by compiling a set of tax laws and regulations under a single decree. This will enable the government to achieve its goal of becoming a high-middle-income country by 2030 and a high-income country by 2050.Last year, the GDT collected $3.45 billion in revenues, surpassing the $2.81 billion annual target. The approval of the new draft taxation law is expected to contribute significantly to further revenue generation, resulting in more resources being available for the development of the country's infrastructure and public services. Overall, the new draft taxation law is currently limited, and additional announcements are anticipated in the upcoming weeks. Implementation of the new tax law is a step in the right direction towards achieving a more robust economy and a higher standard of living for the Cambodian people.

Following recent scares in the US and European banking sectors with the US collapse of Silvergate Bank, and then state-chartered commercial bank Silicon Valley Bank’s (SVB), First Republic Bank (a commercial bank and wealth management services provider) was bailed out by a dozen lenders who deposited $30 billion to shore up liquidity. Europe was next in the sights as Swiss UBS was asked to agree to buy its embattled rival Credit Suisse for $3.2 billion as part of a government-backed, cut-price deal.Global markets have been jittery but the National Bank of Cambodia (NBC) made it clear that there’s no reason to be “panic” at a time when the country (like most of the region) is trying to regain economic ground lost during the pandemic. So how stable is the Cambodian banking and financial sector?Prime Minister Hun Sen has also publicly said that the SVB’s collapse will neither affect Cambodia’s economy nor the banking sector, while Chea Serey, the new Deputy Governor of NBC, added, “We do not need to panic like them as banks in our country are strictly supervised… However, on behalf of the authorities, we still keep tracking whether or not it would affect our economy and how it would affect us.”Prime Minister Hun Sen confirmed that banks in Cambodia had enough reserves to withstand the risks under the National Bank of Cambodia’s reserve requirement policy. “I urge anyone who has deposited money in a [local] bank not to panic. We call on the people to place their trust in [regulators’] abilities to manage the Cambodian banking and financial sector – banks have enough reserves to resolve any issues,” the premier stated.One of the main fears all governments want to avoid is the panic withdrawal of funds from their bank accounts amid concerns - as many still have the deep wounds from the financial crises in their psyche - from both the 1997 Asian financial crisis and the 2008 global financial crisis - the latter of which had a minimal direct impact in Cambodia.Cambodian Financial Market StabilityStephen Higgins is the Co-Founder & Managing Partner of Mekong Strategic Capital and has more than two decades of experience in banking and financial services, communications, leadership, and strategy. He specialises in financial services and renewable energy, and has advised on some of the largest transactions in Cambodia in recent years.At the start of the year, Higgins commented on the strengths of the Cambodian finance sector, following the market report on Cambodia’s financial sector's strong loan growth during the pandemic. RRRs are central bank regulations that set a minimum amount of cash which financial institutions must hold in reserve. The Cambodian RRRs for foreign and domestic currency deposits currently stand at 12.5 per cent and eight per cent, respectively, according to the NBC.Higgins indicated that the local financial sector showed remarkably strong performances during the pandemic, and although 2023 is likely to be a little more challenging (as it will be for many countries globally), for long-term investors the underlying fundamentals are still really strong. He remains confident that in the long-term, Cambodia will continue to be one of the highest growth economies in the world.He had also pointed out that liquidy would be tighter as the loans for the past two years had been high in the Kingdom. Most loans in the Cambodian financial sector are also secured against collateral.“There’s a big issue with liquidity in the local market, as there is regionally, but that was happening well before the SVB collapse. This is why deposit rates are going up so much, everyone is fighting very hard for deposits”  he told us. “We don’t actually expect much, if any, impact on the sector here from the SVB collapse and the problems that have followed. Banks generally have pretty big capital buffers in Cambodia, and most are owned by big foreign parent banks who wouldn’t let a subsidiary fail.”In terms of the Cambodian properties sector, we asked if he felt there were any concerns, especially in terms of loans and refinancing of loans in Cambodia. “Getting a loan is harder now, and interest rates are going up, so it’s not a great time to look for a home loan and even worse time to be trying to refinance a loan. Still An Opportunistic Time To Buy In Cambodia?Buyers with cash savings, and in particular overseas investors, have seen this as an opportune time to purchase while property prices are down in the Kingdom, and realestate.com.kh for example has been closing several sales to these groups of buyers. Their EXPO 2022 event saw $30 million in property sales over 2 days, and as we wrote at the turn of the year, although trends suggest the domestic property market matured during the pandemic – foreigners are still the main force of real estate investment in Cambodia.One of the concerns has been a potential market oversupply but this means buyers are able to shop around and purchase at great prices - combined with the fact that it's hard to access loans - it offers cash buyers a great time to buy.Investors in particular can identify good opportunities, and as renowned investor Warren Buffet said “be greedy when others are fearful” - the indicators suggest it could be a good time to buy as the markets are comparatively down and the upturn is on the horizon.In terms of his long-term outlook, Higgins added: “Sector loan growth has been too high and too easy for many years now, which can lead to complacency and some banks getting flabby. A period of low growth this year will actually be beneficial for the long-term health of the banks. We’ll have another year (2023) of below-trend growth, before an expected bounce back next year. Longer term, we’re still really optimistic about the outlook for Cambodia and expect it to be one of the highest growth economies in Asia. Just not this year.”To calm any nerves, Higgins is yet another leading figure who says lessons have been learned from the 1997 Asian financial crisis and the 2008 global financial crisis - adding that the Cambodian finance sector is well capitalised “and for the most part, it’s conservatively run.” The banking and financial sector has also shown good performance compared to ASEAN peers in terms of financial growth and stability.Cambodian Property Demand 2023-2024In the recently released Cambodia Real Estate Survey 2023 - we saw some trends and market sentiment indicators which suggested a number of buyers and investors were actively looking into buying in the market. A third of those surveyed are looking to purchase Cambodian property within the next 18 months.As many as 15 per cent indicated that they were looking to buy within six months (the first half of 2023).A majority (61%) indicated that they felt property prices would be increasing by 2024.59% of those looking to buy a property acknowledged that they will need a loan or mortgage to do so.As many as 43% indicated they will have a downpayment of 20% or less.Nearly two-thirds indicated they were still actively looking for second homes or investment opportunities in Cambodia.Cambodia is still forecast to have the highest GDP growth rate among all Asian economies in 2023 according to the IMF (International Monetary Fund).In addition, online searches for property in Cambodia remain strong from a variety of buyers, including high-net-worth individuals who don't require loans.With property prices currently down before a perceived rebound, it remains a good time to make an investment in the right property in Cambodia but it would also be a good time to shop around for the right financing to see if your home loan and savings won't be stretched beyond your means.

Sen Sok, Phnom Penh - March 24, 2023 - Prince International Plaza is proud to announce the upcoming leasing event, "Taste of Togetherness," which will take place on March 25, 2023, from 2 pm onwards. The event offers aspiring Cambodian entrepreneurs the chance to rent a commercial space at the Prince International Plaza rent-free for up to one year.The event promises to be a fun-filled occasion, featuring influencers, singers, magic shows, live music, and complimentary beers. Visitors are invited to attend the event and participate in the activities.Emily Yu, Senior GM of Business of Prince Real Estate (Cambodia) Group Co., Ltd, stated that "this is an excellent opportunity for Cambodians who dream of having their own store or expanding their existing stores to new customers."To follow the theme of 'Taste of Togetherness,' Prince intends to work hand in hand with the community. Yu adds: “We want to support the initiative of young Cambodians with creative business ideas who intend to start their entrepreneurship journey. We believe in empowering the community by helping to ease the burden of rental costs.”As part of their Corporate Social Responsibility (CSR) program, the Plaza is also offering kiosks, pushcarts, and a course offered by the CBRE on how to become a retailer.Aspiring entrepreneurs and businesses are encouraged to register for commercial leasing by filling out the form by clicking this link Prince International Plaza opened in 2022, is located in the prime location of Sen Sok, Tuol Kok, and Meanchey district, providing modern residential, office, and commercial spaces. It is surrounded by essential facilities such as the international airport, shopping malls, schools, hospitals, and business centers.For more information, please contact:Prince International PlazaContact Person: Mr. Jeremy CheaPhone: +855 16289168Email: jeremy.chea@princereg.comWebsite: https://www.princerealestate.com

Public voting for the Cambodia Real Estate Awards 2023 Agency of Choice Awards begins on the official Facebook page of the Realestate.com.kh. The Agency of Choice awards are the three awards within CREA 2023 that will be judged via public voting based on the number of  likes and shares that each video of the nominees receive. The online voting runs until 25 March 17:00 GMT+7. Check out the Realestate.com.kh’s Facebook page and listen to what each nominee has achieved and their journeys in Cambodia’s real estate sector. Don’t forget to show your support by liking or sharing your favourite candidates!CREA 2023 is the latest of the annual Cambodia Real Estate Awards organised by Realestate.com.kh in collaboration with the Real Estate Business and Pawnshop Regulator, the Ministry of Land Management Urban Planning and Construction (MLMUPC),  and the Cambodian Valuers and Estate Agents (CVEA). CREA 2023 is an annual celebration recognising excellence in the Cambodia real estate industry, and aims to help further professionalise the industry by acknowledging and celebrating the leading agencies for their finest practices and efforts within the Kingdom’s real estate industry nationwide.Agency of Choice AwardNominees for the Agency of Choice Award 2023 include: C-Herald Property Service, CBRE Cambodia, CPL (Cambodia Properties Limited), IQI Cambodia, Khmer Foundation Appraisal (KFA) and Vanguard Investment and Consultancy Services.Gala dinner at Sofitel Phnom Penh PhokeethraThe Cambodia Real Estate Awards 2023 is set for 7 April 2023. All the shortlisted nominees and the broader real estate industry will be invited to join the Awards Ceremony and gala dinner at the Sofitel Phnom Penh Phokeethra. Over 500 attendees are expected to attend, including leading real estate agents, developers, government officials, lawyers, economists, investors, home buyers and more.This event is made possible by Cambodia Real Estate Awards 2023 sponsors.Major Sponsors: Hanuman Beer, B2B Cambodia, International Airport Advertising Corporation Other partners: Tesla, STMarket, Cambodian Investment Management (CIM), AmCham Cambodia, Klassy Watches, Noble Sports Center, Lavien Cambodia and others.Media Partners: Khmer Times, Fresh News, Thmey Thmey, Property Area, and more!

Cambodian Ministry of Tourism (MoT) figures show that mainland China accounted for just over 100,000 of Cambodia’s 2.277 million international visitors in 2022, this was a significant drop from the third of 6.6 million total tallied in the record-breaking year of 2019 pre-pandemic who generated approximately USD $1.8 billion in revenue.In terms of the financial impact of the pandemic, in the whole of 2022, Cambodia’s tourism industry generated $1.41 billion in gross income from 2.28 million international tourists.Ministry of Tourism's Secretary of State Top Sopheak said in March 2023 that "The return of Chinese tourists and investors is a good sign for Cambodia's tourism and economy in the post-COVID-19 pandemic era.” Cambodia hopes to attract more tourists - with a goal of four million international tourists, including 800,000-1 million Chinese tourists in 2023.What Airlines Are Flying to Cambodia in 2023?Key events such as hosting the Southeast Asian Games (SEA Games) and ASEAN Para Games in May will entice visitors from ASEAN, while the Mekong Tourism Forum 2023 has been confirmed to take place in Sihanoukville from April 25-27. These events are all hinged on the Visit Cambodia Year 2023” campaign.State Secretariat of Civil Aviation (SSCA) spokesman Sin Chansereyvutha said back in January 2023 that commercial flights between Cambodia and China had begun to increase following the change to the strict zero-COVID policy regime, which had imposed a limit of 15 weekly flights in either direction.Since the start of the year, airlines have been requesting to resume flights between the two countries, and Norinda Khek, Communication & PR Director of Cambodia Airports added recently “a majority of airlines that operated before the pandemic are back, except the ones flying from/to Japan and the Gulf region.”Before the pandemic in 2019, around 45 airlines connected Cambodia with the world, and at the start of 2023, 27 airlines, including six airlines from China, were operating flights to and from Cambodia.He added that Cambodian international airports were serving 24 destinations and 11 countries and more flights and the frequency of them, especially at the Phnom Penh International Airport were on the way.More recently, it was confirmed that 13 airlines now operate flights between Cambodia’s three international airports and China (including five based in the Kingdom).Cambodia’s network of international airports will reach 9 out of the 10 ASEAN countries by mid-2023 and Cambodia Airports posted online in March 2023 “It's a positive sign for Cambodia’s aviation sector due to most global airlines revive services to the kingdom, while some others are even preparing to start fresh flights to new destinations. We are looking forward to welcoming more airlines flying to the kingdom.”Other New RoutesThree airlines have applied to connect new flights to Sihanoukville International Airport.There have been discussions about direct commercial flights between Cambodia and Japan by All Nippon Airways.Other talks include connecting Da Nang, Vietnam, with Phnom Penh via a direct flight, and possible new routes with India and Timor-Leste.Qatar Airways confirmed it will resume flights to Phnom Penh in October 2023.AirAsia’s new Cambodian subsidiary launched a Phnom Penh-Penang (Malaysia) route at the start of 2023 and is looking to add direct routes with Indonesia.New flights between the capital and Singapore, Koh Samui (Thailand) and others came into effect in 2022, as well as Hanoi to Siem Reap via Bamboo Airways.China & Macau - CambodiaThree airlines had proposed to connect flights to Siem Reap International Airport - in March 2023 China Eastern Airlines safely arrived to drop off its first passengers and would operate weekly direct flights between Shanghai and Siem Reap on Tuesday, Friday and Sunday.Cambodia Airways will add the route linking Phnom Penh and Beijing, with thrice-weekly flights starting on March 27, and the frequency increasing to five weekly from April 17 2023. They already operate flights to Shenzhen and Chengdu from Phnom Penh.Cambodia Angkor Air launched routes between Phnom Penh & Macau in March 2023 with 2 flights/per week every Wednesday and Saturday (they are also looking to open routes to Hangzhou, Shanghai, Beijing and Singapore).Indonesia - CambodiaTwo Indonesian airlines have indicated they will operate direct flights to Cambodia, with the first likely to connect with Phnom Penh within Q1 2023.Citilink, a subsidiary of Indonesia’s flag carrier Garuda, will operate direct flights between Jakarta and Phnom Penh.Cambodia Airports Chief Commercial Officer, Stephen King told Khmer Times that active discussions with a number of airlines about opportunities in Cambodia are undergoing.In addition to the number of new airport development projects in the Kingdom, existing airports are still being modernised. In Q1 2023, the first anamorphic advertising content in Cambodia, was installed at Phnom Penh International Airport by IAAC Cambodia with “spectacular high definition digital screens, part of our multi-million dollar airport advertising redevelopment program across the Phnom Penh, Siem Reap & Sihanoukville airports” said IAAC CEO Jonathan Goldsmid.Both Dara Sakor International Airport and Siem Reap-Angkor International Airport are due to trial operations in mid-2023 and these will add further capacity to the already expected 280,900 flights operating in Cambodia in 2023.Norinda Khek said of the year so far, that 823,000 passengers had come through the three operational airports (7.5 times greater than the total for the same period in 2022).Don't Ignore Cambodian TravellersIn 2022, the number of Cambodians making a trip to other countries increased by over 3,079 per cent, reaching 970,292 compared to 30,517 in 2021. Similarly, domestic tourism saw marked growth last year - with around 13.9 million people travelling to different destinations of the country, according to MoT data. The number of domestic trips by Cambodians was up 198.81 per cent compared to 2021 and 68.50 per cent over 2019. The data from the MoT also indicates that Cambodians contributed about $650 million and that the average domestic trip lasts three days and two nights.The increasing ease of paying cashless has also helped domestically and regionally. The NBC has launched several trials with ASEAN countries to help facilitate digital payments - in Thailand, Malaysia, and most recently with Singapore. The Credit Bureaus of Cambodia and Singapore launched the first cross-border initiative between the two countries in March.Dr. Serey Chea, the newly appointed Deputy Governor of the National Bank of Cambodia said that these initiatives also assist the migrant workers from Cambodia who work overseas.With Air Asia Cambodia set to launch in 2023, Capital A Chief Executive Tony Fernandes believes AirAsia Cambodia can add as many as six million more annual travelers within three years. They aim to open new routes from Cambodia to destinations in Southeast Asia, north Asia and India. Among his wish list to boost tourism are requests for the Cambodian government to remove visa-on-arrival requirements, and decrease high fuel taxes and airport fees. He estimates Cambodia’s airport fees are around 40% higher than other Southeast Asian countries. Fewer travel restrictions, online visa applications for all nationalities, and the ease of paying cashless within Cambodia and across ASEAN are key attractions for tourists and visitors to Cambodia. Aside from tourism remaining a key pillar of the Kingdom’s economy - the ease of investing and doing business in Cambodia remains strong, while the bullish economic outlook plus long-term visa and property ownership options all continue to make the Southeast Asian country an investor destination.